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Reclaiming Institutions as a Form of Capital

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  • Paul, Bénédique

Abstract

Economists have recognized that “institutions matter” and the renewal of Institutional Economics has gained a large scientific authority, but institutions, as unit of analysis, stay a concept not understood on all its dimensions. Recently, the notion of “institutional capital” appeared in the literature, without neither satisfied definition nor demonstration. In this article, we adopt the “Resourced-Based View” approach to show that some kinds of institutions can theoretically be considered as form of capital, namely “institutional capital”. The main conclusions of this article are explicated in the promises of this new approach for future researches on growth theories, economic development theories, organizational theories, and overall on New Institutional Economics. We underline the importance to test the empirical strength of this economic resource. Meanwhile, economists may accept that “institutional capital matters”.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39017.

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Date of creation: 05 Jun 2009
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Handle: RePEc:pra:mprapa:39017

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Keywords: Institutions; Institutional Capital; Institutionalism;

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References

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  1. Narayan, Deepa & Pritchett, Lant, 1997. "Cents and sociability : household income and social capital in rural Tanzania," Policy Research Working Paper Series 1796, The World Bank.
  2. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  3. Pierre Berthelier & Alain Desdoigts & Jacques Ould Aoudia, 2004. "Profils institutionnels," Revue Française d'Économie, Programme National Persée, vol. 19(1), pages 121-196.
  4. Aoki, Masahiko, 2007. "Endogenizing institutions and institutional changes," Journal of Institutional Economics, Cambridge University Press, vol. 3(01), pages 1-31, April.
  5. Coase, Ronald H., 1991. "The Institutional Structure of Production," Nobel Prize in Economics documents 1991-1, Nobel Prize Committee.
  6. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  7. Johannes W. Fedderke & John M. Luiz, 2008. "Does human capital generate social and institutional capital? Exploring evidence from South African time series data," Oxford Economic Papers, Oxford University Press, vol. 60(4), pages 649-682, October.
  8. Bob Evans & Marko Joas & Susan Sundback & Kate Theobald, 2006. "Governing local sustainability," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 49(6), pages 849-867.
  9. Harald Bauder, 2005. "Institutional Capital and Labour Devaluation: The Non-Recognition of Foreign Credentials in Germany," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 2(1), pages 75-93.
  10. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
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Citations

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Cited by:
  1. Paul, Bénédique, 2012. "Technology and institutions: Theoretical aspects of institutional innovation and its deficiency in Haiti," MPRA Paper 39140, University Library of Munich, Germany.
  2. Paul, Bénédique & Garrabé, Michel, 2011. "Le capital institutionnel dans l'analyse du développement : Prolongement théorique et premier test empirique
    [Institutional Capital in Economic Development Analysis: Theoretical Continuation and
    ," MPRA Paper 39016, University Library of Munich, Germany.
  3. Paul, Bénédique, 2009. "Institutional capital: A new analytical framework on theory and actions for economic development," MPRA Paper 39018, University Library of Munich, Germany.

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